Elements of Marketing Mix for a New Market

This presentation discusses the different elements of the marketing mix for a chosen enterprise in a new market. It explores the importance of product, promotion, price, and place in attracting customers and maintaining a competitive advantage.

PROJECT

1. Define different elements of marketing mix for the chosen enterprise in new
market.
Marketing mix termed out as combining the all components such as product, promotion, price and
place (Xie, 2020). Therefore, marketing refers as set of action or tactics that firm mainly uses
to promote its product in market. Therefore, this defined in following context as are-
Product- Tesco offers wide range of commodities that inclusive if food, financial service and
clothing etc. . It also put the major emphasise on online marketing sector so that entity
profitability and productivity get enhanced.
Place- This is entity that is taking steps towards to Germany market (.Ndofirepi, Farinloye and
Mogaji, 2020). To attract the customer, this firm will use the main channels of distribution
such as online and offline.
Price- Price is crucial element that assist to maintain competitive advancement. Hence, Tesco
main purpose is to maintain low price without reducing the quality of its products or running
itself in loss.
Promotion- Tesco is the entity that has strong brand image which helps to promote its brand in
newer market. In order to aware the customer of Germany, the chosen entity using the
promotional strategies such as television, newspaper, media channels and online marketing
tools.

CONT..
• Processes- In Germany market, Tesco will use standardised business process to accomplish
specific task.
• People- In order to build up their position in the Germany market, they are taking steps to hire
skilled labour workforce.
• Physical- This helps to represent the products such as furniture, menu, brochures, letterhead,
business card, reports, signage etc. TESCO has an excellent logo that mainly attract the
customers.

2. Application of customer brand equity model analyse how to use this tool in new
market.
Customer brand equity model termed out as framework that mainly uses to show that how a brand
success can aid to directly attribute to customer’s attitude (Rodgers, 2020). Therefore, this is
outlined as-:
Brand identity- It is the way that customer looks over the brand. Brand identity assist to
distinguish each brand from another. In order to differentiate its services, Tesco taking steps to
produce the organic and healthy products.
Brand meaning- At this level, the customer needs to know about the core features of the
commodities and services. To enhance and develop brand meaning of Tesco, the manager are
taking efforts by defining use and benefits of organic commodities, reliability, customer service.

CONT..
Brand response- At this stage, Tesco will get to know the response of products. If the entity met
with expectation and positive response of customer than this will aids to generates huge word of
mouth and this may turn customer to become brand advocate.
Brand resonance- This is the stage that aids to define the relationship of the consumer customer
has with product and how this relate with it. Therefore, Tesco will get to know about the intensity
of customer psychological connection with the brand with help of recalling the brand in varied
consumption situation.

Cont…
There are different processes and methods are used by the business organization improve the
marketing process of organization in new market place. There are various changes can be
implemented by the Tesco PLC in order to get better result in market place. Some common
approaches that are important for the organization are- implementing various processes like
digital marketing and implementation of other innovations in the marketing process. for
example the use of social media marketing will be the best suitable option for business
organization to improve their recognition in market place that is targeted by the company. In
the process of marketing target marketing is best suitable option for organization in market
place.

3. Description on concept of integrated marketing communication and critically
evaluate three effective marketing communication methods.
Integrated marketing communication integrates all the promotional tools. This is customer centric
approach to aligning their marketing and communication objectives. Therefore, three types of
effective marketing communication methods and these as are-:
Public relations- This is practice of managing relationship among an enterprise and the public. It
is two-way communication process where the public shares the feedback to customers (Holm,
2016). Hence, Tesco can use this approach to get the goodwill in market and entity can also
present the product of company in the positive light. However, promotion can be done with
help of public appearances, sponsorship and news etc.
Social media marketing- This is termed out as one of the effective tool that aids to advertise the
product and services of an entity. In the present era, the maximum number of customer relay
over social media marketing and this is one of the effective way to aware customers. Tesco
can use this approach as this is low cost promotional technique where a large of user are
targeted at once.
Sales promotion- This is termed out as the short term incentive that can be given to customers to
accelerate the sale of an entity. In order to attract customer and to be competitive in market of
Germany Tesco must use this approach to gather attraction of larger audience. This can be
done with help of offering attractive offers such as discount coupons, price packs, low cost
financial deals and rebates etc.

4. Critically access how client measure marketing success and how it could improve
in future.
Measurement can be defined as key that aids to optimize the process of business. To measuring
marketing success there are some of common KPIs that aids to measure the progress of business
enterprise. Henceforth, these are outlined in below as are-:
Return on investment- This aids to measure out the sales revenue (Holm, 2016). Also, this is one
of attractive tool that is the bets to measure out the effectiveness of marketing campaign. Hence,
this also measure the quality of leads that generate by these campaign.
Incremental sales- This is also an attractive approach that measures out the contribution of
market efforts towards the sales numbers. By generating sales the entity can identify the number
of product sold are increasing and decreasing.
Customer life time value- By analysing the number of repetitive customers to the enterprise for
product and service can aids to know the customer lifetime value with product and service.
Social media monitoring- Social media platform have built in tool for marketer these days. Thus,
entity must create the web page on social media platform, by looking over the likes and dislikes to
commodities the success of the product and services can be effectively monitored.

How to improve in future-:
• If product and services do not get success in the market of Germany, then Tesco
must undertake market survey to know the deficiency in commodities.
• With help of undertaking depth marketing research, the entity can able to analyse the
needs and wants of customer.
• This will help them to go with current trend of market. By improving product and
services the entity can able to get the desired success within new market.

REFERENCES
Books and journals
Xie, Y., 2020. The relationship among marketing mix, customer satisfaction and
customer loyalty of Chinese tourists to budget hotel of central Bangkok.
Ndofirepi, E., Farinloye, T. and Mogaji, E., 2020. Marketing mix in a heterogenous
higher education market: a case of Africa.
Donndelinger, J.A. and Ferguson, S.M., 2020. Design for the Marketing Mix: The past,
present, and future of market-driven engineering design. Journal of Mechanical
Design. 142(6).

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